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Cobbetts has set in motion plans for a new corporate structure that will radically overhaul the firm’s routes to partnership.
Partnership promotions have been deferred because proposals for a new partnership and career structure are to be put to the partnership for implementation during the next financial year.
Cobbetts managing partner Michael Shaw told The Lawyer: “Structures that had their roots in the late ’80s are not appropriate to a new generation of professional service firms in an industry that may well experience its own big bang not too far in the future.”
The firm has set up a consultation group that is looking at how best to structure routes to partnership and which will also identify alternative career paths for its lawyers.
“It would be foolhardy for any of my peer group to believe we can fully understand what drives and motivates the younger generations,” said Shaw.
The firm said the structure will aim to identify the special attributes of key people within the firm by providing an appropriate personal development and career structure for them. The firm’s bonus scheme will also be reviewed. Shaw said the consultation group comprises younger members of the partnership along with two or three partners from the salaried, fixed-share and equity layers.
The group is expected to present its findings within the month, with the new structure set to be introduced in May.